Class 12 Business Studies - Chapter Planning NCERT Solutions | State the type of plan and state whether

Welcome to the NCERT Solutions for Class 12th Business Studies - Chapter Planning. This page offers a step-by-step solution to the specific question from Exercise 2, Question 6: state the type of plan and state whether they are....
Question 6

State the type of plan and state whether they are Single use or Standing plan:

a. A type of plan which serves as a controlling device as well.(budget)
b. A plan based on research and analysis and is concerned with physical and technical tasks. (Method).

Answer

a. This is a single-use plan called budget. Budge is a statement of expected results expressed in numerical terms. It is a projection designed to define the anticipated cost and results in numerical terms of a single project.

b. This is a standing plan called method. Method provides the prescribed ways or manner, in which a task has to be performed considering the objectives. It deals with a task which may be a step of a procedure and specifies how a step is to be performed.

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